On the November 29 auction the Ministry of Finance fully placed government bonds with a maturity period of 182 days for a total amount of 20 million manat. AZN 18 million 53.3 thousand was raised.
During the auction, 7 investors filed 14 applications totaling over 35 million manat, Turan was told in the Baku Stock Exchange.
The nominal value of the bonds is set at 100 manat. The Ministry of Finance granted the application based on the weighted average price of 91.76 manat, or 18.1% per annum. Compared to the previous auction (15 November), the Ministry of Finance raised the interest rates by 2.25%.
According to the Ministry of Finance, from March to November of this year, bonds of different life in the amount of 460 million AZN were brought to sale. In December it is planned to implement 5 placements totaling 55 million AZN. -----08D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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